Facebook Puts $50 Million to Build Metaverse

Facebook announced it is investing a two-year $50 million investment in programs and external research.

On September 27, Facebook announced its XR Programs and Research Fund, which is a two-year $50 million investment in programs and external research to build the metaverse.

According to the tech giant, it will collaborate with industry partners, governments, civil rights groups, nonprofits, and academic institutions to plan how to "build these technologies responsibly" using the fund.

Facebook noted,

"We’re announcing a $50 million investment in global research and program partners to ensure these products are developed responsibly."

In addition, the company says that it develops tech rooted in human connection that draws people together. Also, Facebook notes that it focuses on helping to build the next computing platform. Thus, its work across augmented and virtual reality and consumer hardware will extend human connection despite physical distance and without being tied to devices.

Note that metaverse is a set of virtual places where users can create and explore with other people who aren’t in the same physical space as them. On this platform, users could interact with friends and do more.

Last week, American celebrity Snoop Dogg announced he entered the Metaverse with the virtual blockchain world Sandbox Game.